By Ken Richards
BASSETERRE, St Kitts (WINN) -- The St Kitts and Nevis federal government has reiterated its confidence in the country’s citizenship by investment programme. The programme, through the Sugar Industry Diversification Foundation (SIDP), continues to rake in more than $100 million annually. In essence, St Kitts and Nevis passports are exchanged for investment funds that are used in major developmental projects in the country.
Dominica’s citizenship programme is now also going the investment funds route, as is Antigua’s newly established CIP, which sold its first passports last month.
Prime Minister Denzil Douglas
St Kitts and Nevis Prime Minister Denzil Douglas said Basseterre’s well established programme has nothing to fear from the emerging competition. According to Douglas, the federation’s CIP has become the leading programme globally.
He also suggested that others in the region are using the St Kitts and Nevis model as a blueprint.
“I welcome Antigua’s copying our own programme. The legislation that Antigua has used is almost similar to that of St Kitts,” Douglas told reporters.
The prime minister also made reference to the adjustments being made to the Dominica programme.
Douglas said the programme has, through the SIDF, been able to stabilize the economy.
His critics, including the opposition alliance Team Unity, describe the SIDF as a slush fund being used by Douglas to attract continued political support for the governing Labour Party. The prime minister has brushed aside that allegation, claiming that it has no merit.
Republished with permission of West Indies News Network